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LNH REIT, INC. ANNOUNCES EARNINGS

 JACKSON, Miss., Nov. 16 ~PRNewswire~ -- LNH REIT, Inc. (NYSE: LHC) announced today results for the third quarter and nine months ended Sept. 30.
 Funds from operations were $.18 per share for the three months ended Sept. 30 compared to $.13 for the same period of 1991. Funds from operations were $.49 per share for the nine months ended Sept. 30 compared to $.39 per share for the same period of 1991. Funds from operations is defined as funds provided by operating activities before changes in operating assets and liabilities.
 Income from operations for the three months ended Sept. 30 was $391,000 ($.18 per share) compared to income from operations of $268,000 ($.12 per share) for the same period of 1991. For the nine months ended Sept. 30 loss from operations was $243,000 ($.11 per share) compared to income from operations of $832,000 ($.38 per share) for the same period of 1991.
 Net income was $299,000 ($.14 per share) for the three months ended Sept. 30 and a net loss of $1,684,000 ($.77 per share) for the nine months ended Sept. 30. This compares to net income of $268,000 ($.12 per share) and $2,179,000 ($.99 per share) for the three months and nine months ended Sept. 30, 1991, respectively.
 During the nine months ended Sept. 30, the company recorded a provision for losses of $1,356,000 ($.62 per share) related to investments in real estate and mortgage loans which is included in loss from operations. Management believes that the provision was necessary to reflect the investments at their estimated current net realizable value. In addition to the provision for losses, the company reported a loss on investments for the three months and nine months ended Sept. 30 of $92,000 ($.04 per share) and $1,441,000 ($.66 per share), respectively. During the third quarter of 1992, a loss of $118,000 was recorded on the St. Tropez Apartments mortgage loan payoff and a $26,000 non-refundable deposit was recognized as income upon expiration of a sales contract. Earlier in 1992, the company recorded a writedown of the Linpro Lonestar Commerce Center mortgage loan and land purchase- leaseback investment, located in Fort Lauderdale, Fla., to its estimated net realizable value upon the June 30, 1992 in-substance foreclosure. The borrower~lessee on these investments verbally agreed to grant the company a deed in lieu of foreclosure on the property citing the inability of the net operations of the property to cover current debt service and the unwillingness of the owners to fund such operating shortfalls or capital improvements. The property consists of three buildings comprising 99,000 square feet of multi-use space (warehouse~distribution center~office space) and is currently 95 percent leased.
 The $1,347,000 ($.61 per share) gain on investments for the nine months ended Sept. 30, 1991, represents the financial reporting gain on sale of marketable equity securities.
 On Sept. 17, the $4,039,000 mortgage loan investment secured by the St. Tropez Apartments in San Antonio was repaid. The loan was scheduled to mature Sept. 30, 1992, and had an interest rate of 9 percent.
 LNH REIT
 Qtr. ended 9 mos. ended
 9~30~92 9~30~91 9~30~92 9~30~91
 (In thousands, except per share data)
 Revenues $ 774 $ 678 $ 2,150 $ 2,153
 Expenses (before provision
 for losses) (383) (374) (1,037) (1,246)
 Provision for losses --- (36) (1,356) (75)
 Income (loss) from operations 391 268 (243) 832
 Gain (loss) on investments (92) --- (1,441) 1,347
 Net income (loss) $ 299 $ 268 $(1,684) $ 2,179
 Per share:
 Income (loss) from operations $ .18 $ .12 $ (.11) $ .38
 Gain (loss) on investments (.04) --- (.66) .61
 Total $ .14 $ .12 $ (.77) $ .99
 Avg. number of shares outst. 2,200 2,200 2,200 2,200
 -0- 11~16~92
 ~CONTACT: N. Keith McKey, senior vice president, chief financial officer and assistant secretary of LNH REIT, 601-948-4091~
 (LHC)


CO: LNH REIT, Inc. ST: Mississippi IN: SU: ERN

CF-EA -- AT015 -- 1426 11~16~92 15:43 EST
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Date:Nov 16, 1992
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